Market Clubhouse Morning Memo - October 19th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, TSLA, And NFLX)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, TSLA, and NFLX.

Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members during our daily Morning Call, prior to the opening of the market.

We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market's pulse to optimize your trading gains. Now, let's dive into the stock analysis:

SPDR S&P 500 ETF Trust

SPY SPY is currently trading around our reference point of 430.62. For a bullish outlook, an initial ascent to 431.04 is preferable. Should the price action hold strong above 431.04, we aim for buyers to drive the price to our support mark of 431.78. If 431.78 sustains during regular trading hours, an upward push beyond 432.28 is anticipated. Our high bull target for SPY today stands at 432.91.

Conversely, if 430.62 fails to secure support, we foresee bears challenging the 430.05 mark. Should selling ensue, a further test lower at 429.61 is likely. Heavy selling breaking this level down could find strong support at 429.28. In case of a vigorous sell-off today, our low bear target is 428.62.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our crucial level of 363.23. For the bulls, we aim to see buyers surge above 364.65. If this level withstands as support, a claim for 365.59 as strong support is on the cards. Persistent buying vigor could usher the level of 366.15 into play. With robust buying momentum, we aim for a test of 366.69 on the upside. Our high bull target for the Q's today is 367.52.

Should the trading struggle to remain above 363.23 during today's regular trading hours, we anticipate bears taking the reins and selling aggressively lower to 362.13. If weakness prevails, a further test lower at 361.41 is expected. Continued selling could challenge the lower level of 360.79. If this level caves as a strong support, a trade down to our low bear target of 360.08 is foreseen.

Apple Inc.

Apple AAPL is currently trading around our marker of 175.81. For the bulls, holding 175.81 as support is ideal. A rally higher to 176.29 is the next target. Persistent bullish energy could propel the price to 176.84. Should bulls dominate Apple's trading scene today, a push towards our high bull target of 177.31 is desired.

If 175.81 fails to sustain as support during regular trading hours, a test lower at 175.09 is expected. Should selling persist, a bearish drive to 174.59 is anticipated. If this level breaks down, a further descent to our low bear target of 174.05 is foreseen.

Microsoft Corp.

Microsoft MSFT is currently trading around our support level of 333.46. For the bulls, holding firm above 333.46 and rallying to 335.96, with it holding as support during regular hours is the goal. A hold above this pivotal support could trigger a rally, targeting 337.80. Continued buying energy could see the price hitting our high bull target of 339.02.

Should 333.46 fail as support during regular trading hours, a bearish probe to 331.24 is anticipated. If this level breaks down, a further probe lower at 328.52 is likely. Persistent downward pressure could drive the price to our low bear target of 326.05.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key marker of 424.83. For the bulls, a push to 426.17 and reclaiming this level as a defined support area is desired. On the upside, a bullish push to 429.17 is aimed for. Strong bulls today could drive the price higher to 432.36 and 434.01. Continued buying could trigger a rally to our key level and high bull target of 436.56.

If 424.83 fails to sustain as strong support in today's session, a bearish test lower at 421.35 is expected. Should this level break and sellers dominate, a price drop to 419.36 is anticipated. Continued selling could visit our low bear target of 413.76.

Tesla Inc.

Following TSLA a disheartening earnings report, Tesla is currently trading around our key level of 227.58. For the bulls, a rally to 228.58 and a push up to 230.65, reclaiming it as a defined support area, is aimed for. On the upside, a bullish drive to 233.49 is desired. A relief bounce could send the price higher to 235.74. Continued buying could fuel a healthy rally to our key level of 238.50 and high bull target of 239.92.

If 227.58 fails to hold as strong support today, a test lower at 225.60 with continued selling bringing 223.86 into play is expected. Should 223.86 break down with sellers in control, a price drop to our low bear target of 222.19 is anticipated.

Netflix Inc.

Netflix NFLX is currently trading around our level of 388.84 following a robust earnings report. For the bulls, holding 388.84 as support and trading higher to 393.76 is desired. Continued bullish energy could drive the trading to our high bull target of 397.67.

If 388.84 fails to hold as support during regular trading hours, a bearish sell to the downside level of 383.83 is expected. Continued selling could target 379.34 and 374.15. On heavy selling, a descent to our low bear target of 370.14 is foreseen.

Final Word: Today's session will trade around the premarket release of unemployment data as well as the Fed speakers. The schedule of Federal Reserve speakers is crucial, featuring remarks from Jerome Powell at the Economic Club of New York. Traders are eager to see if Powell will echo the sentiments recently expressed by other officials like Vice Chair Jefferson, who hinted last week that rising Treasury yields could deter further rate hikes by the Fed. It's crucial to stay alert and trade within your plan. Good luck today!

The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.

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